Norm Reforming Article 33 of the External Audit Standard

Resolution No. CD-SIBOIF-991-1-MAR28-2017
Dated March 28, 2017
NORM REFORMING ARTICLE 33 OF THE EXTERNAL AUDIT STANDARD

The Board of Directors of the Superintendence of Banks and Other Financial Institutions, after deliberations on the matter,

CONSIDERING

I
That on August 2, 2012, the Standard on External Audit was approved, contained in Resolution No. CD-SIBOIF-739-1-AGOS2-2012, published in La Gaceta, Official Gazette No. 211, of November 5, 2012, which aims to regulate the minimum aspects related to external audit services that must be contracted by financial institutions supervised by the Superintendence, such as: the registration requirements of audit firms; the selection and contracting process of said firms by financial institutions, the monitoring of audit work performed by the Firms, and the publication of Financial Statements.

II
That on the occasion of International Standards on Auditing (ISA) No. 700 (Forming an Opinion and Reporting on Financial Statements) and ISA No. 701 (Key Audit Matters in the Independent Auditor’s Report), it is appropriate to reform Article 33 of the aforementioned standard, in order to adapt the publication of Financial Statements to what is stipulated in the aforementioned international standards.

III
That in accordance with the considerations set forth above and based on what is established in Article 24 of Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups; and Article 10, numeral 10, of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions.

In exercise of its powers,

HAS ISSUED

The following,

CD-SIBOIF-991-1-MAR28-2017
NORM REFORMING ARTICLE 33 OF THE EXTERNAL AUDIT STANDARD

FIRST: Article 33 of the Standard on External Audit, contained in Resolution No. CD-SIBOIF-739-1-AGOS2-2012, of August 2, 2012, published in La Gaceta, Official Gazette No. 211, of November 5, 2012, is hereby amended, which shall read as follows:

“Article 33. Publication of Financial Statements.- For the purposes of publishing the individual Audited Financial Statements in La Gaceta, Official Gazette, and in a national circulation written medium, financial institutions must publish the following components of the financial statements: Balance Sheet, Statement of Results, Statement of Changes in Equity, and Statement of Cash Flows, using a font size legible to the naked eye in the national circulation written medium.

Additionally, in the aforementioned publications, a footnote must be included revealing the name of the Firm that audited the institution's Financial Statements, and clarifying that the opinion of the independent auditors, along with their Financial Statements and notes, was reviewed, resolved, and authorized by the members of the Board of Directors and the General Shareholders' Meeting, and is fully available on the website of the respective financial institution, for which the electronic address of said institution must be indicated. Likewise, on the website, the aforementioned clarifying note must be indicated in a visible and easily accessible place, as well as the number and date of publication in La Gaceta, Official Gazette, and the date and name of the national circulation written medium in which the components of the aforementioned Financial Statements were published. In the event that the financial institution is part of a financial group and does not have a website, it must publish it on the website of the coordinator responsible for the financial group.

While the institution's Financial Statements are not published in La Gaceta, Official Gazette, they must note on their website the date on which they were sent for publication; and, once the publication is effective, the institution must update its website with the number and date of La Gaceta, Official Gazette, in which their Audited Financial Statements appear published.

In the publications in the aforementioned written media, institutions that are part of a financial group must indicate in a note the address of the website where the Report on the Consolidated or Combined Audited Financial Statements corresponding to said group can be consulted in its entirety.

In the case that the financial institution is also a Controlling Company as defined in the regulations governing financial groups, the Report on the Consolidated or Combined Audited Financial Statements must be available, at a minimum, on its website.

In addition to the above, the publication of the Audited Financial Statements must comply with the deadlines and formats established in the respective Single Chart of Accounts (MUC).

Financial institutions must keep the complete audited financial statements reports available on their websites for a period of at least five years.”

SECOND: This standard shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (f) V. Urcuyo (f) Gabriel Pasos Lacayo (f) Fausto Reyes B (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) U. Cerna Barquero.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF